Larsen & Toubro (L&T) and European missile maker MBDA have set up a joint venture to develop and supply missiles and missile systems to meet the growing potential requirements of the Indian armed forces, according to a statement from the company.
The JV company will be named ‘L&T MBDA Missile Systems’. L&T will own 51% and MBDA the remaining 49%, in line with compliance of India’s FDI policy norms. The JV would focus on business opportunities in the missiles and missile systems domain. The JV will operate from a dedicated work centreand is expected to be incorporated in the first half of 2017 after necessary approvals.
To begin with, the JV company will look to develop and supply fifth-generation Anti-Tank Guided Missiles, missiles for Coastal Batteries and high speed target drones.
AM Naik, group executive chairman of L&T, said, “We have been trusted partners to DRDO and the Indian Navy, and have worked closely with the ministry of defence, and its different arms in jointly developing and delivering cutting-edge defence solutions.”
Antoine Bouvier, CEO, MBDA, said, “Our business strategy in India has always focused on forming partnerships at the deepest level. This has seen us involved in the transfer of technology and the production of products and components with defence public sector undertakings (DPSUs) and form close partnerships with the Indian private sector. The setting up of this JV is a natural progression of our strategy.”